Effective January 1, 2008, the goods and services tax (“GST”) decreased from 6 per cent to 5 per cent. A number of formulas used to calculate Ontario Retail Sales Tax will be affected by this GST rate reduction. Ontario has released this Information Notice to explain the changes to the affected formulas.
Ontario Information Notice, “How the GST Rate Reduction Affects Retail Sales Tax”
Tax Development Jan 26, 2008